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Between July 2023 and May 2024 in Akwa Ibom, the NDLEA apprehended 300 suspects and confiscated 190.419 kg of hard drugs.
NDLEA Commander in Akwa Ibom, Obot Bassey, disclosed this at a news conference to mark the 2024 International Day Against Drug Abuse and Illicit Trafficking in Uyo on Friday.
The News Agency of Nigeria reports that the theme for this year’s International Drug Day is: “The Evidence is Clear: Invest in Prevention”.
Bassey said that out of the 300 suspects arrested, 249 were male and 51 female, and that no fewer than 61 drug offenders were convicted in the state within the period.
She said that the command had treated and rehabilitated 24 male drug-dependent persons, and carried out anti drug abuse campaigns at 82 locations across the state.
“Drug abuse negatively impact people’s health and their well-being. Many deadly drugs are permeating the illicit drug market and causing havocs on people’s health,” she said.
She called on corporate bodies and philanthropists to participate actively in the campaign against drug abuse.
Nigerian activist and member of the Labour Party 2023 presidential campaign team, Aisha Yesufu, has explained Peter Obi, the party’s flagbearer in the last general election, did not create the Obidient movement.
Yesufu said the Obidient movement was formed due to the fallout of the EndSARS killings.
She pointed out that the collective anger by Nigerian youths led to the formation of the Obidient movement of which Obi is a beneficiary.
Posting on X, Yesufu wrote: “Nobody created Obidient movement. After the #EndSARS killing by APC government many became interested in politics since they were mocked and told to vote those who killed the protesters. There was a collective anger to vote out APC. Peter Obi was a beneficiary of that collective anger of the people.
“When he made his intentions to run for presidency many with that collective anger supported him and from there the name was coined to fit the candidate following the habit of naming supporters after a person supported in Nigeria. There was already a movement before the name OBIdient was coined.”
R&B Star Christopher Maurice Brown AKaa Chris Brown has expressed his thanks for music.
Speaking in a recent Instagram story, he stated that he's grateful music saved him.
The singer recalled that performing his recent song, ‘Residual’, from the ’11:11′ album, brought out raw emotions every time he sang it.
Brown further expressed his appreciation for the healing energy of music saying, “I’m thankful music saves me and allows me to express my true vulnerability and ability to be related to people’s everyday situation, every regret, every amazing time, every sad experience and love lessons.”
Burna Boy didn’t pay medical bills of all patients – UPTH clarifies his charitable contributions
AFOLABI
The University of Port Harcourt Teaching Hospital (UPTH) has clarified recent reports that Nigerian musician Burna Boy paid the medical bills for all patients during a recent visit.
Contrary to widespread claims, the hospital stated that the singer only settled the bills for selected patients.
Burna Boy made headlines earlier this month following his philanthropic activities in Port Harcourt, which included paying medical bills and distributing foodstuff to those in need.
However, reports circulating in various media outlets inaccurately suggested that the musician had completely cleared outstanding medical bills for all patients at UPTH.
In a statement released by the hospital’s spokesperson, Elabha Meni, on Friday, the institution set the record straight while commending Burna Boy for his generosity.
The spokesperson clarified that the hospital did not receive direct payments from Burna Boy or his team on behalf of patients to cover healthcare costs, debunking earlier claims made by several blogs and news sites.
“We commend Burna Boy’s kindness in financially assisting select patients in our hospital to offset their bills during his visit on June 11.
“However, contrary to reports stating that all patients’ bills in UPTH were paid during the visit, only selected patients received cash gifts or donations.
“The hospital did not receive direct payments from the musician and his team on behalf of patients to support this worthy course of reducing healthcare costs,” Meni’s statements read.
Popular Afrobeat singer Ayra Starr has opened up on the reason she is unable to stand up straight, attributing it to the immense effort she’s put into her music career this year.
Taking to her microblogging platform, X (formerly Twitter), the “Blood Samaritan” coroner playfully addressed her fans, shedding light on her bent waist.
In her post, Ayra Starr humorously claimed that her condition is a result of carrying the Afrobeat genre on her back throughout the year.
She wrote;
“Guys I actually can’t stand straight ??♀️it’s not my fault My waist is bent from carrying Afrobeats on my back this year ??.”
Popular Nollywood star Osas Ighodaro has revealed how the loss of her mother transformed her into a more carefree individual who is less concerned with the opinions of others
In a recent interview on Arise TV, Osas Ighodaro revealed how her mother’s passing in 2020 caused a profound shift within her, making her to embrace her true self and live life to the fullest.
She confessed that she once struggled with self-doubt and people-pleasing, but her mother’s legacy inspired her to prioritize self-expression and self-love.
According to her, she realized that her mother’s selflessness and generosity had come at the cost of her own well-being, stating that she was determined not to follow in her footsteps.
In her own words:
“I know a transition happened for me because I used to be in my head a lot and I used to worry about what people thought about me a lot. But when I went through the experience of losing my mum in 2020, I realised how much she gave to so many people and she didn’t take care of herself.
“I said ‘Wait a minute? I’m not going to end up like that. I’m going to live my life and I’m going to the the best that I can be and I want to represent her legacy to the best of my abilities. It’s been free since then, I’ve been living life and being happy and enjoying every moment; whether it’s good or bad. You either learn from it or enjoy it and that’s how I live my life.
“A lot of people come up to me and say ‘I love your dancing,’ and that’s part of the freedom for me. I used to be so self-conscious before but who cares at this point, I am a thespian but I’m also someone who loves life and loves to travel and enjoy herself and dance.”
See video:
Media
Tinubu’s Minister claims over 200 Chinese companies have shown interest in investing in Nigeria
AFOLABI
Following the China-Nigeria Business event held in Beijing on Friday, the Nigerian government, led by President Bola Tinubu, announced that over 200 Chinese businesses have expressed interest in investing in Nigeria.
This information comes from Nigeria’s Foreign Affairs Minister, Ambassador Yusuf Tuggar, who is on an official visit to China. The statement was communicated by his media aide, Alkasim Abdulkadir.
The event was co-organized by the Nigerian Embassy and Yingke Law Firm to promote bilateral trade and investment and facilitate business matchmaking, aiming to strengthen economic ties between Nigeria and China.
“Amb. Tuggar emphasised the importance of the longstanding relationship between Nigeria and China, highlighting mutual respect and shared developmental goals.”
According to the details communicated after the China-Nigeria business event jointly organised by the Nigerian Embassy and Yingke Law Firm, it was designed to ease increased bilateral trade and investment, and foster business matchmaking to deepen economic ties between Nigeria and China.
“Over 200 Chinese companies took part in the event, showing a strong interest in fostering economic collaboration between the two nations.”
As part of his working visit, Tuggar would take part in several high-level meetings and events, including the inaugural Plenary Session of the Nigeria-China Intergovernmental Committee in Beijing and the World Economic Forum Annual Meeting of the New Champions in Dalian.
“These engagements are expected to further solidify the strategic partnership between Nigeria and China. He is also expected to meet with ECOWAS Ambassadors as well as launch the 4D Cultural Diplomacy Programme of the Renewed Hope Agenda of President Bola Tinubu at the Embassy of Nigeria,” the statement said.
An officer of the Federal Road Safety Corps, whose name could not be immediately ascertained, was on Friday injured by a driver along Osogbo/Gbongan Road, near Osun Government Secretariat in Abere.
The driver was said to be driving at top speed when FRSC officers at a roadblock near the Osun Sector Headquarters located along the expressway, waved him to stop.
It was however learned that the driver travelling in a Lexus Jeep, did not stop.
He was said to have hit the FRSC officer and dragged him along the road until he (the victim) fell off the vehicle.
Two eyewitnesses, identified simply as Fatai and Ramota Olagunju, who were roadside traders, near the Osun Government secretariat, said the driver did not wait after the officer fell off, adding that the vehicle sped off towards Akoda Junction.
Fatai further said, “The incident happened between 9 am and 9:30 am today (Friday). The driver was coming from the Osogbo end of the road facing Gbongan end.
“Some road safety men who usually stay on the road near the corps head office had resumed at their duty post when the vehicle emerged and the driver was flagged down. But he didn’t stop
“Rather than stop, he moved towards one of the officers and hit him. After hitting the officer, he dragged him on the road as the driver headed towards Akoda Junction.
“The badly injured officer eventually fell off the vehicle. His colleagues immediately mobilised and chased the vehicle that hit their colleague. But I can’t say if they eventually caught the perpetrator.”
When contacted for confirmation, FRSC Osun Sector Commander, Inyang Umoh, confirmed the incident, noting that the injured officer was in stable condition.
“The officer is in stable condition. We are making efforts to get him (the driver of the vehicle). He has not been arrested,” he told City Round.
Veteran Nollywood actor, Amaechi Muonagor, was on Friday, laid to rest at his Obosi country home in Idemili South Local Government Area of Anambra State amid tears from family members, relatives and the Nollywood family.
Naija News reports that the Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, Anambra State Commissioner for Culture, Tourism and Entertainment, Dom Onyenji, among others, were present to mourn the late actor.
While delivering his condolence speech, Peter Obi expressed sadness over the death of the Nollywood icon and urged the bereaved family to take heart as he prayed to God for the repose of his soul.
On his part, Onyenji noted that Nollywood had lost a creative personality in the late Amechi Muonagor.
The Commissioner maintained that the Anambra State government came to the burial ceremony to mourn with Nollywood as the legend played his roles well while alive and mentored stars in the industry.
Also, the National President of the Actors Guild of Nigeria, AGN, Emeka Rollas, represented by veteran actor, Steve Eboh, urged the bereaved family to take heart as the deceased was a great man.
Eboh prayed that God, in His infinite mercy, would give them the heart to bear the loss.
In her speech, the state chairman of AGN, Chinyere Anyaegbunam, said they lost somebody precious to all, emphasising that the late icon was somebody people looked up to as a father figure in the industry.
Anyaegbunam said that the late Muonagor mentored many of them in the movie industry.
Media
A Decade ago Jordan Bardella was a mere teenager, spending hours after school firing at enemy combatants on “Call of Duty” video games.
Today the 28-year-old leader of the hard-right National Rally may be weeks away from becoming prime minister of France, and its youngest ever by a long way.
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After a two-round legislative election on June 30th and July 7th, his party could win enough seats to form a government.
The ascent of Marine Le Pen’s young protégé from obscurity to the cusp of high office is one of the more improbable in modern French politics.
The son of an Italian-born mother and a father whose family arrived in France from Italy, Mr Bardella grew up in social housing in Seine-Saint-Denis, a multicultural northern banlieue (suburb) of Paris. What could have held him back in life became his political selling-point.
“I have my roots there, a part of myself and my family’s history,” Mr Bardella told Le Monde, recalling the drug dealers that hung out on a battered sofa on the landing outside his flat. “I’m in politics for everything that I lived through back there.”
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This backstory, as well as his unusual poise, grabbed Ms Le Pen’s eye early on. Both assets were politically valuable for a party that, under her stewardship since 2011, has been trying to transform itself from a fringe xenophobic protest outfit into a party that speaks for the people and promises to govern on their behalf.
At the age of 16, Mr Bardella joined the party because of Ms Le Pen’s takeover.
Seven years later—after he had dropped out of a geography degree at the Sorbonne university and gone into local politics—she picked him to lead her party into elections in 2019 to the European Parliament.
A year earlier, she had changed its name from the tainted National Front she inherited from her antisemitic, xenophobic father to the National Rally (RN), a name with more mainstream associations.
Not everyone within the party was happy with Mr Bardella’s hasty rise. Rivals considered him too young, inexperienced and disconnected from core party loyalists.
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Mr Bardella’s formal consecration came in 2022, when he beat Ms Le Pen’s former romantic partner, Louis Aliot, to be elected president of the RN.
That freed Ms Le Pen from daily party affairs (she remains head of its bloc in parliament, and will undoubtedly be its nominee for the next presidential race, in 2027).
Since then, Mr Bardella has earned respect among a generation of younger rn figures. “He has an impressive work ethic and maturity,” says Jean-Philippe Tanguy, an outgoing rn deputy, adding that Mr Bardella’s asset is that he is open to criticism but “ruthless with pointless whiners.”
To voters, Mr Bardella has lent the RN a presentable modern face and unflappable style. A child of the screen era, Mr Bardella has in the past posted clips on a YouTube channel in which he commentated on his video-game performances.
Today he has 1.6m followers on TikTok, and mixes campaign clips with those of himself squeezing mayonnaise into a hotdog or climbing aboard a fishing trawler in the fog. “He looks like a nice guy” is a typical comment made by voters on the ground who have no ideological link to the rn.
What lies behind that smooth exterior, though, remains something of a mystery. In his short career, Mr Bardella has never held a job outside politics.
Fixated on the sanitisation of the party, he baulks at any reference to Jean-Marie Le Pen’s antisemitic era, or the unsavoury figures who linger in party circles from that time.
The young rn president owes his promotion to Ms Le Pen, and colleagues say that his loyalty to her is absolute. But politics is what it is; such fidelity has so far been untested. Differences between them do exist.
The party formerly borrowed money from a Kremlin-linked bank, and deputies abstained at a parliamentary vote earlier this year on France’s bilateral security agreement with Ukraine.
Mr Bardella, though, has recently sounded a somewhat more critical note about Vladimir Putin, blaming escalation on the Russian leader; Ms Le Pen tends to point the finger at President Emmanuel Macron, who has refused to rule out putting boots on the ground in Ukraine.
If he is nominated as prime minister, Mr Bardella’s manifesto will be a mix of economic populism and hard-right nationalism.
He has promised “in the first weeks” to tighten immigration rules to make it easier to expel “Islamist foreigners”, and abolish the right to French nationality for those born in the country.
He also vows “immediately” to lower the level of vat from 20% to 5.5% on electricity and gas bills as well as on motor fuel, and to use tax-breaks to raise salaries by up to 10%. Mr Bardella would cut benefits to parents of underage repeat offenders, and turn the current mansion tax into a financial-wealth tax.
He has been more cautious, though, about promising to overturn Mr Macron’s pension reform, which raised the legal minimum retirement age from 62 years to 64; instead, he vows to enable those who started work at the age of 20 to retire at 60.
How such measures would be financed remains alarmingly vague. Renaissance, Mr Macron’s party, calculates that the vat cuts on energy, fuel and food bills alone would cost €24bn ($26bn) a year.
The Institut Montaigne, a liberal think-tank, estimates that, on the basis of Ms Le Pen’s manifesto at the presidential election in 2022, the RN in government would cost a net €100bn extra each year, equivalent to about 3.5% of gdp.
That would add to an already high budget deficit, which the government expects to run at over 5% of GDP this year.
Yet the trouble for centrist voters hoping to obstruct his path to the Matignon, as the French prime minister’s office in Paris is known, is that Mr Bardella has so far managed to shrug off inconvenient details or failings.
That he grew up in Seine-Saint-Denis is widely known; less so, that he attended a private Catholic school there, not the public lycée.
Voters seem no more bothered by his loose grasp of policy detail. During a recent live debate against Gabriel Attal, Mr Macron’s 35-year-old prime minister, Mr Bardella was forced to confess that he had not read the text of a bill in the European Parliament that he had voted against.
A poll the next day, however, suggested that the debate had convinced more people to vote for Mr Bardella’s party than Mr Attal’s.
If Mr Bardella represents anything in these populist times it is that reasoned argument and rational debate are flimsy weapons against the force of simplistic promises and narrative politics.
This story appeared on The Economist with the title A hard-right 28-year-old could soon be France’s prime minister
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A new General Manager has been named for Transcorp Hilton Abuja. He is Jorg Potreck.
A statement by the hotel said Potreck has over four decades of hospitality experience with 20 of those as General Manager in various locations including Germany, United Kingdom, Austria, South Africa, and Egypt.
According to the statement, Mr. Potreck returns to Hilton following his recent General Manager role at the Johari Rotana in Dar es Salaam, Tanzania.
“Potreck started his career as a management trainee in Germany in 1982 and progressed through the ranks before his first General Manager position at the Westin Leipzig, Germany 2004.
“His previous positions include Cluster General Manager at Hilton Hurghada Plaza and Hilton Alexandria Corniche in Egypt, as well as Cluster General Manager at the Hilton Cologne and Hilton Bonn in Germany. “
Mr. Potreck is expected in his new role as the General Manager of Transcorp Hilton Abuja to lead a dynamic team of over 1,800 team members, managing all aspects of the hotel’s operational and commercial functions to drive guest satisfaction.
Commenting on Potreck’s appointment, Andreas Lackner, Vice President, Operations, Africa & Indian Ocean, Hilton, said: “We are excited to welcome Jorg back to the Hilton family.
“With an impressive hospitality background, Jorg is a seasoned hotelier who brings on board a wealth of experience to lead one of our flagship properties on the continent. I am confident that Jorg will help us deliver purposeful service and meaningful experiences to our guests and Team Members alike.”
Reacting to his appointment, Potreck said, “I am thrilled to return to Hilton to lead the incredible team at Transcorp Hilton Abuja. Since the hotel begun operations in 1987, nearly three decades ago, it has remained a national treasure and landmark hotel, for business and leisure travellers alike – setting the benchmark for hospitality standards in Nigeria. I also look forward to developing local talent by creating personalised learning experiences and partnerships that helps the team actualise their career goals.”
Prof. Salami Ismaila, a distinguished scholar from the Department of Mechanical Engineering (Ergonomics) at the Federal University of Agriculture, Abeokuta (FUNAAB), has advocated for human-centred design at workstations, even as he underscored the critical importance of ergonomics in enhancing human well-being and productivity, as well as improving human life.
Delivering the University's 92nd Inaugural Lecture at the Oluwafemi Balogun Ceremonial Building onJune 19, 2024, titled "Ergonomics: A Paradigm Shift from FPJ to FJP towards Adopting Human-Centered Engineering," Prof. Ismaila emphasised the necessity of incorporating ergonomics principles into workplace and tool design, such as regular breaks and stretching exercises, to mitigate the risk of musculoskeletal issues and improve overall quality of life.
Highlighting the shift from "Fitting People to Jobs" (FPJ) to "Fitting Jobs to People" (FJP), he argued for designs that prioritise human capabilities and limitations.
Prof. Ismaila, a former Dean of COLENG affirmed that workstations should support neutral postures, adding that employers should provide adjustable furniture to meet the diverse ergonomic needs of employees.
Stressing the integration of ergonomics into existing occupational health and safety policies, Prof. Ismaila discouraged prolonged sitting in meetings without breaks.
Besides, he suggested incorporating basic ergonomics principles into educational curricula to promote good habits from an early age, while calling for collaboration between government, regulatory bodies, and other stakeholders to implement measures that optimise workplace designs, equipment, and processes.
He suggested further that educational institutions should enforce guidelines to ensure students carry only necessary books, thereby reducing physical strain.
According to him, he advised educators to follow school timetables strictly and ensure students carry only necessary books to reduce their daily load.
Advocating for the widespread adoption of ergonomic principles across various sectors, Prof. Ismaila highlighted the vital role of ergonomics in creating human-centred environments that enhance both well-being and productivity.
His words "I have, thereby, showed that the applications of ergonomics make life pleasant, comfortable exciting and cost-effective. I also showed that it is important for heads of industries to adopt ergonomics principles to reduce the attendant costs associated with business-as-usual principles as good ergonomics is good economics."
Earlier, the Vice-Chancellor, Prof. Babatunde Kehinde, who chaired the event, expressed his appreciation for the Lecture's success, lauding Prof. Ismaila as a dedicated and practical-oriented scholar who has significantly contributed to the University’s growth and research efforts aimed at improving Nigeria’s development.
…as Gambaryan seeks compensation for prolonged detention in Nigeria
US lamakers have continued their push for the release of Tigran Gambaryan, the Binance executive currently detained at the the Kuje detention facility, and facing trial on charges money laundering charges to the tune of $35 million.
Two members of United States Congress, French Hill and Chrissy Houlahan visited the binance executive in detention and expressed some concerns over his condition and called for his immidiate release.
The Congress members alleged that executive was suffering from malaria and double pneumonia, and has been denied medical attention. They also alleged that Tigran was in wrongful detention on money laundering charges.
Hill, announcing this on his X account. noted that Nigeria had dropped tax evasion charges against Gambaryan but urged the US Secretary General and others in authority to secure his release.
“Yesterday (Wednesday) @RepHoulahan and I visited with US citizen Tigran Gambaryan in Kuje Prison in Nigeria. We found him suffering from the conditions there, as he has malaria and double pneumonia, and he reports that he has lost significant weight. Even worse, he’s being denied access to adequate medical attention.
“Although I am pleased that Nigeria dropped tax evasion charges against Tigran on 6/14, it’s my view that he’s being wrongfully detained on charges related to money laundering.
The lawmaker argued that, “Tigran has devoted his professional life to fighting money laundering and tax evasion, having spent ten years as an IRS Special Agent where he successfully led cyber and financial crime investigations.”
He further said that at the time of Gambaryan’s arrest, he was working as a contract employee at Binance and was instrumental in criminal investigations and compliance in cooperation with Nigerian authorities.
The lawmaker recalled that on June 4, he joined a letter with other Congress members, urging for Tigran’s immediate release.
He announced that two days later, over 100 former federal prosecutors and agents wrote to Secretary Blinken further urging State Department to use all means available to secure his release.
“Tigran must be immediately granted a humanitarian release, the remaining charges dropped, and he must return home to America where he belongs”, he wrote.
It would be recalled that some US Lawmakers had requested President Joe Biden expedite the release of Gambarya.
The 12 lawmakers addressed Biden, Secretary Antony Blinken, and Presidential Envoy for Hostage Affairs, Roger Carstens, emphasising the need for urgent intervention.
Meanwhile, Gambaryan, has ammended his fundamental human rights motion, he is requesting that the Federal High Court in Abuja mandate the Office of the National Security Adviser (NSA) and the Economic and Financial Crimes Commis
Gambaryan, had in May filed a suit alleging that his detention violated his fundamental human rights. He claims that the ONSA and EFCC’s actions have infringed upon his rights by prolonging his detention and seizing his international travel passport.
He urged the court to declare his detention and passport seizure as violations of his fundamental rights and to restrain the authorities from detaining him further in connection with any investigations into Binance.
Tonye Krukrubo, his lawyer has sought the court’s permission to amend the initial suit. In the amended proposal, Krukrubo is seeking the costs of the action on a full indemnity basis in addition to the initial claims.
The Court will hear the ammnded motion July 9, 2024, Meanwhile, his colleague, the Court has struck out the fundamental rights suit filed by Nadeem Anjarwalla the Binance Executive who is currently at large.
[Businessday]
Jeremy Allaire, the CEO of USDC Circle, one of the leading stablecoin assets in the cryptocurrency industry has expressed strong optimistic views on the potential of stablecoins saying the assets will account for 10% of global economy in the next ten years.
Jeremy shared his opinion on X explaining his views on the cryptocurrency market and the growing adoption of stablecoins in the global financial space.
Jeremy predicted that with the rate of global adoption of stablecoins. They will account for 10% of the global economy in the next ten years.
“ What does it look like when 10% of global economic money is stablecoins, and when credit intermediation moves from fractional reserve lending to onchain credit markets built from the ground up on safer, digital cash instruments (e.g. stables), and opens up credit and debt to the long tail of supply and demand in the same way that Amazon did for commerce and AdWords did for advertising? All of this is achievable over the next 10+ years.” Jeremy tweeted.
Jeremy explained that stablecoins were experiencing a serious wave of adoption and integration into the global financial ecosystem and that was a major bullish trend for cryptocurrency and its assets in general.
He also highlighted the serious gains made by blockchain technology over the years and the growing use of stablecoins in several services and financial transactions. The growing demand for stablecoins as financial assets spells a positive future for cryptocurrency in the global financial ecosystem in the coming days.
“I’m more bullish than I have ever been about crypto. I have been building @Circle for over 11 years, and at no time have I been more optimistic than right now. I also believe that the overwhelming majority of people have an extremely narrow and limited understanding of what’s unfolding. And that’s super bullish, too.” Jeremy tweeted.
Jeremy also explained the evolution of the internet over the years highlighting the influx of open networks, protocols, and software that have helped transform industries and people’s lives. He stated that crypto was a groundbreaking addition to the internet space and it is on the verge of transforming society and the economy.
Before the introduction of crypto, the internet was limited by trust issues and a lack of alternatives to ensure trusted data and transactions. Crypto offers a solution to this problem through a decentralized and trustworthy framework.
“Internet infrastructure had enabled frictionless, nearly free movement of data and seamless ability to connect and deploy software and hardware on a global network, and it was clearly struggling with its own success and weight. The internet lacked a layer for trust, and without that, it was capped in terms of the utility it could provide to the world.” Jeremy added.
For the future, Jeremy predicted that by the end of 2025, Stablecoins will be legal electric money available almost everywhere establishing the assets as an integral part of the global economy.
“By the end of 2025, stablecoins will be “legal electronic money” almost everywhere, which sets them up to become a larger and larger portion of the $100T+ market for electronic money,” Jeremy added.
What To Know
- Stablecoins are a type of cryptocurrency whose value is tied to another asset class to keep a stable, steady value. The most popular kind of stablecoins is fiat-backed stablecoins, which are tied to currencies such as the U.S. dollar.
- There are three popular fiat-backed stablecoins and they are USDT (Tether), USDC (Circle), and PayPal USD (PYUSD). Among stablecoin providers, Tether (USDT) has captured a significant market share, exceeding $100 billion and accounting for over 70% dominance in the stablecoin market.
[Nairametrics]